First Berlin – Aroundtown SA Research Update (04/04/2019)

First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 9.50 price target.

Investors should use the recent dip in the AT share price to buy the stock. Full year headline figures topped our forecasts and showed strong annualised growth led by net rental income (+41%) and FFO 1 (+39%). Commercial assets topped €14bn at YE and management noted some €0.6bn in acquisitions YTD. The performance translated into 18% annualised NAVPS growth (excluding perpetuals). The pipeline remains full, and the cash position gives management good financial flexibility to act swiftly. The company plans to pay out a €0.25 per share dividend equating to a 3.4% yield, and guidance points to another strong year. We reiterate our Buy rating and €9.5 price target.